UBS Wealth Management UK has poached six members of Deutsche Bank Asset & Wealth’s UK financial intermediary team including former head Sean Taylor.
Taylor, now executive director of strategic partnerships at UBS Wealth Management UK, and five of his team have joined as their old firm completes the sale of its Tilney wealth management business. Private equity group Permira is understood to be one of the likely buyers.
Alongside Taylor, UBS has hired client advisors Nick Muir, Russell Gula and Will Pendril, client adviser assistant Antony Buckle and Robert Gibbs in business development.
The bolstered UBS strategic partnerships team, made up of a financial adviser support and liaison arm is now double in size. The team works with about 60 financial advisers around the country.
UBS Wealth Management UK executive director Graeme Price says: “That number is clearly going to increase and it is a national play, it is not all about London.”
He would not disclose how much UBS has spent building up the financial adviser facing side of the business.
Price adds the bank wants to shake the perception that investors need millions of pounds to deal with UBS and extend its services to a greater range of clients through a nationwide network of advisers.
Chase de Vere head of communications Patrick Connolly says: “There is a lot of consolidation and change in this area so to see individuals and teams leaving and going from one company to another is not a surprise and part of an ongoing trend.”